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Note 13 - Leases

9 Months Ended

Sep. 30, 2022

13.

LEASES

The Company leases office space in New Jersey and New Hampshire with lease termination dates in 2023, Minnesota with a lease termination date in 2024, and Hong Kong with a lease termination date in 2022. The leases include non-lease components with variable payments. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases, for the three and nine months ended as of:

	3 Months ended September 30, 2022		3 Months ended September 30, 2021		9 Months ended September 30, 2022		9 Months ended September 30, 2021

Lease cost
Operating lease cost	$	62,619	$	63,973	$	163,401	$	191,919
Total lease cost	$	62,619	$	63,973	$	163,401	$	191,919

Balance sheet information	September 30, 2022			December 31, 2021
Operating right-of-use assets	$	263,377		$	254,100

Operating lease liabilities, current portion	$	178,277		$	177,188
Operating lease liabilities, non-current portion		86,874			86,974
Total operating lease liabilities	$	265,151		$	264,162

Weighted average remaining lease term (in years) – operating leases		1.16			1.45
Weighted average discount rate – operating leases		5.50	%		5.50	%


Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2022 and 2021:	$	222,483		$	191,869

Maturities of operating lease liabilities were as follows as of September 30, 2022:

2022 (3 months remaining)	$	68,048
2023		166,160
2024		38,809
Total future lease payments	$	273,017
Less: imputed interest		(7,866	)
Total	$	265,151